At the Swiss-Egyptian Investment Forum which took place in Cairo (Egypt), the Cotton & Textiles Holding Company and Rieter signed additional contracts related to the modernisation programme for the Egyptian textile industry.
Browsing: Industry Update
Finance Minister Nirmala Sitharaman proposed National Technical Textile Mission with an outlay of Rs 1,480 crore over four years to cut down import.
Textile industry plays a significant role in the economy contributing to over 13 per cent of the industrial output, over 2 per cent to the GDP of India.
The Government’s decision to withdraw the Merchandise Exports from India Scheme (MEIS) with retrospective effect is likely to erode profit margins of textile players. It will also impact exports and fresh investment in the sector.
To attract higher foreign investment in the textile sector, India has planned a complete overhaul of a scheme to create world-class infrastructure facilities for setting up textile units.
Stäubli’s Safir range of drawing-in machines delivers maximum benefits to home textiles customers.
The government encourages exports by refunding various taxes and levies so as to make all the exporting commodities remain competitive in the globalised environment.